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House  Bill  No.  29.1 


[Ses.  1858-'9. 


Introduced  by  Mr.  Caldwell,  of  Burke. 


Holden  &  Wilson,  Printers  to  the  State. 


A  BILL  TO  AMEND  THE  ACT  ENTITLED  "  AN  ACT 
TO  INCORPORATE  THE  WESTERN  NORTH-CARO- 
LINA RAILROAD  COMPANY,"  AND  THE  ACT 
AMENDATORY  THEREOF  ENTITLED  "  AN  ACT 
TO  AMEND  AN  ACT  ENTITLED  AN  ACT  TO  IN- 
CORPORATE THE  WESTERN  NORTH-CAROLINA 
RAILROAD  COMPANY." 


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Of 


Sec.  1.  Be  it  enacted  by  the  General  Assembly  of  the 
State  of  Nortli-  Carolina  and  it  is  hereby  enacted  by  the  au- 
thority of  the  same,  That  an  act  entitled  "  an  act  to  incor~ 
porate  the  Western  North-Carolina  Railroad  Company," 
passed  at  the  session  of  1854-'55,  and  an  act  amendatory 
thereof,  passed  at  the  session  of  1856-'57,  entitled  "  an 
act  to  amend  an  act  entitled  an  act  to  incorporate  the 
Western  North-Carolina  Railroad  Company,"  be  and  the 
same  are  hereby  so  altered  and  amended  as  to  authorize 
and  empower  the  board  of  directors  of  said  company  to 
open  books,  for  subscriptions  of  stock  by  individuals  and 
counties,  to  the  capital  stock  of  said  company,  for  an 
amount  sufficient,  when  added  to  the  stock  already  sub- 
scribed by  individuals,  to  make  one-third  of  the  amount 
heretofore  pledged  on  the  part  of  the  State  to  the  build- 
ing of  said  road. 

Sec.  2.  Be  it  further  enacted,  That  whenever  the  sum  of 
fifty  thousand  dollars  or  upwards  shall  have  been  sub- 
scribed by  solvent  persons  or  counties,  and  five  per  centum 
thereon  paid  into  the  treasury  of  said  company  in  actual 
cash,  and  the  same  certified  to  the  governor  of  the  State 


2  House  Bill  Ho.  29.  [Session 

6  by  the  board  of  directors  of  said  company,  the  board  of 

7  internal  improvements  shall  direct  the  public  treasurer  of 

8  the  State  to  subscribe,  for  and  in  behalf  of  the  State, 

9  double  the  amount  subscribed  by  individuals  and  counties, 

10  and  as  soou  as  said  subscription  on  the  part  of  the  State 

11  shall  have  been  made,  the  board  of  directors  of  said  com- 

12  pany  may  put  under  contract  so  much  and  no  more  of 

13  said  road,  as  can  be  constructed,  equipped,  and  put  in  full 

14  operation  with  the  amount  so  subscribed  by  individuals, 

15  counties  and  the  State,  and  the  said  portion  of  the  road 

16  so  put  under  contract,  shall  commence  at  Morganton,  the 

17  terminus  of  the  first  section  of  said  road,  and  extend  west 

18  in  the  direction  of  Asheville,  and  shall   be  so  let  out  as 

19  that  each  successive  contract  going  west  must  commence 

20  where  the  preceding  one  ended,  so  that  there  may  be  no 

21  gaps  or  unlet  portions  of  said  road  between  the  contracts. 

Sec.  3.  Be  it  further  enacted,  That  the  board  of  direc- 

2  tors  of  said  company  may  keep  books  for  subscription  of 

3  stock  continally  open,  for  the  purpose  of  expediting  the 

4  building  and  progress  of  said  road,  and  whenever  solvent 

5  persons  or  counties  shall  subscribe  fifty  thousand  dollars 

6  or  upwards,  and  pay  into  the  treasury  of  said  company 

7  five  per  centum  thereon,  in  the  manner  designated  in  the 

8  preceding  section  of  this  act,  then  the  treasurer  of  the 

9  State,  under  the   direction  of  the  board  of  internal  im- 

10  provements,  shall  subscribe  for  and  in  behalt  ot  the  State, 

11  an  amount  double   that  subscribed  by  individuals   and 

12  counties,  and  the  board  of  directors  may  again  let  out 

13  contracts  on  said  road,  in  the  same  manner  and  under  the 

14  same  rules,  regulations  aud  restrictions  as  is  provided  and 

15  designated  in  the  preceding  section  of  this  act,  and  so  to 

16  continue  from  time  to  time,  as  often  as  fifty  thousand  dol- 

17  lars  or  upwards  is  subscribed,  as  hereinafter  provided,  until 

18  the  whole  sum  of  four  millions  of  dollars,  heretofore  pledged 

19  on  the  part  of  the  State,  shall  have  been  subscribed  and 

20  expended. 

Sec.  4.  Be  it  further  enacted,  That  if  there  shall  be 
2  an  unexpended  balance  of  the  amount  pledged  by  the 


1858-'9.]  House  Bill  Wo.  29.  3 

3  State  after  said  road  is  completed,  equipped,  and  put  in 

4  full  operation  to  its  present  terminus  on  the  French  Broad 

5  river,  then  it  shall  be  lawful  for  the  board  of  directors  of 

6  said  company,  upon  further  subscriptions  being  made  by 

1  individuals  or   counties,   as   hereinbefore   prescribed,  to 

8  again  let  out  contracts  on  said  road,  in  the  manner  herein- 

9  before  designated,  to  the  line  of  the  State  of  Tennessee, 

10  in  the  direction  of  Chatanooga,  or  down  the  French  Broad 

11  river  in  the  direction  of  Paint  rock,  as  to  said  board  of 

12  directors  may  seem  best ;   Provided,  however,   That  no 

14  greater  portion  of  said  road  shall  be  put  to  contract  than 

15  can  be  constructed,  equipped  and  put  in  full  operation 

16  with   the    amount   of    the  unexpended   balance   already 

17  pledged  by  the  State,  and  the  amount  subscribed  by  in- 

18  dividuals  and  counties  in  pursuance  of  this  act. 

Sec.  5.  Be  it  further  enacted,  That  the  payments  of  the 

2  installments  due  from  the  State,  on   subscriptions  made 

3  under  and  by  virtue  of  this  act,  shall  be  made  in  the  man- 

4  ner  and  upon  the  terms  now  prescribed  in  the  charter  of 

5  said  company. 

Sec.  6.  Be  it  further  enacted,  That  so  soon  as  the  fore- 

2  going  amendments  shall  be  accepted  by  the  individual 

3  stockholders  of  said  company,  in  general  meeting  assem- 

4  bled  to  consider  the  same,  such  clauses  in  the  charter  of 

5  said  company  as  are  in  conflict  with  this  act  are  hereby 

6  repealed  and  declared  void. 

Sec  7.  Be  it  further  enacted,  That  if  said  company  shall 

2  accept  the  foregoing  amendments  of  this  charter,  said  ac- 

3  ceptance  shall  be  certified  to  the  board  of  internal  im- 

4  provements,  under  the  seal  of 'the  company,  signed  by  the 

5  president  and  countersigned  by  the  secretary. 

Sec  8.  Be  it  further  enacted,  That  a  general  meeting 

2  of  the  stockholders  of  said  company  may  be  held  to  con- 

3  sider  the  foregoing  amendments  immediately  after  the 

4  ratification  of  this  act,  and  the  same  shall  be  in  force  from 

5  and  after  its  acceptance  by  the  individual  stockholders  in 

6  said  general  meeting  assembled. 


UNIVERSITY  OF  N.C.  AT  CHAPEL  HILL 


00042071541 


FOR  USE  ONLY  IN 
THE  NORTH  CAROLINA  COLLECTION 

C 


